DAVIN developing a cup

DAVIN advances by 10.5% today closing above the 23.6% Fibonacci Retracement level or 1.15 per share. This is now our newly found support. There might be a test of this support before continuing to rise but our immediate target will be the 1.25 per share to complete the cup formation. The RSI or Relative Strength Index may have reached the overbought level but if we observe the last rally of DAVIN, it has reached RSI of 89. For those who would like to get some DAVIN may test buy near the 1.15

Once price will hit 1.25 let us see if we will have a bearish candlestick pattern. In case there is, we might see DAVIN to retrace to form a handle before it will continue to rise with a new target of around 1.39 – 1.45

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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